Microchip Technology Announces Record Financial Results For Fourth Quarter And Fiscal Year 2016


Microchip will host a conference call today, May 4, 2016 at 5:00 p.m. (Eastern Time) to discuss this release.  This call will be simulcast over the Internet at www.microchip.com.  The webcast will be available for replay until May 11, 2016.

A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) May 4, 2016 and will remain available until 8:00 p.m. (Eastern Time) on May 11, 2016.  Interested parties may listen to the replay by dialing 719-457-0820 and entering access code 6897949.

Cautionary Statement:

The statements in this release relating to the operating leverage in our premium business model, bookings and turns for the quarter being strong, the June quarter being typically stronger in Asia but slower in Europe, guiding the June quarter net sales without Atmel to be up between 1% and 5% sequentially or between $574.1 million and $596.9 million, expecting Atmel to add approximately $225 million to $245 million in net sales from continuing operations in the June quarter, expecting our consolidated non-GAAP revenue to be between $799.1 million to $841.9 million in the June quarter, expecting Microchip's business without Atmel to contribute 70 cents to 74 cents to non-GAAP earnings per share for the June quarter, expecting Atmel to contribute zero to five cents to our earnings per share on a non-GAAP basis, expecting our consolidated non-GAAP earnings per share to be between 70 cents to 79 cents per share in the June quarter, remaining confident that we can achieve 25 cents of accretion to non-GAAP diluted earnings per share from Atmel in fiscal 2017, the mobile touch business of Atmel being an asset held for sale, continuing to be a leader in LoRa® technology, that our MOST technology is a leading standard for automotive infotainment, our first quarter fiscal 2017 guidance including net sales, gross margin, operating expenses, operating income, other expense, income tax expense, net income, diluted common shares outstanding, earnings per diluted share, inventory days, capital expenditures for the June 2016 quarter and for all of fiscal 2017, continuing to invest to support the growth of our production capabilities for fast growing new products and technologies, net cash generation, and assumed average stock price in the June 2016 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any economic uncertainty due to monetary policy, political or other issues in the U.S. or internationally, any unexpected fluctuations or weakness in the U.S. and global economies (including China), changes in demand or market acceptance of our products (including Atmel products) and the products of our customers; foreign currency effects on our business; the mix of inventory we hold and our ability to satisfy short-term orders from our inventory; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; the level of sell-through of our products through distribution; changes or fluctuations in customer order patterns and seasonality; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our Atmel acquisition; our ability to continue to realize the expected benefits of our other acquisitions; the impact of any other significant acquisitions that we may make; our ability to obtain a sufficient supply of wafers from third party wafer foundries and the cost of such wafers, the costs and outcome of any current or future tax audit or any litigation involving intellectual property, customers, the Atmel transaction or other issues; our actual average stock price in the March 2016 quarter and the impact such price will have on our share count; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q.  You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website ( www.microchip.com) or the SEC's website ( www.sec.gov) or from commercial document retrieval services.

Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made.  Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 4, 2016 press release, or to reflect the occurrence of unanticipated events.

About Microchip:

Microchip Technology Incorporated is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide.  Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality.  For more information, visit the Microchip website at www.microchip.com.

Note:  The Microchip name and logo, MOST, MPLAB, GestIC and PIC are registered trademarks of Microchip Technology Inc. in the USA and other countries. All other trademarks mentioned herein are the property of their respective companies.

J. Eric Bjornholt -- CFO..... (480) 792-7804

 Microchip Technology Inc. is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at http://www.microchip.com.

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SOURCE Microchip Technology Incorporated

Microchip Technology Incorporated
Web: http://www.microchip.com

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